First Bank of Charleston First Bank of Charleston First Bank of Charleston
First Bank of Charleston First Bank of Charleston First Bank of Charleston
First Bank of Charleston   First Bank of Charleston
Auto Loan Calculator
 
Have you ever been confused whether to take the teaser rate financing or the cash rebate when purchasing a new vehicle?

Use this little payment calculator to help you make the right choice and save some of your hard earned money.

Simply enter the information requested in the boxes adjacent to that particular line's description. The rest is done for you. Remember that you must compare "apples to apples". If the Dealer's program calls for a 3 year loan term at a specified rate, you must use the same term and corresponding rate as we offer.
 
The amount I need to borrow is:    Example: 35000.00
The dealer's cash rebate:    Example: 2000.00
 
Teaser financing available from dealership

The advertised annual percentage rate:    Example: 9 = 9%
Term of teaser loan:    Example: 60.0 = 60 months
 
Standard financing available from us

Our annual percentage rate:    Example: 9 = 9%
Term of our loan:    Example: 60.0 = 60 months
 
   

With a purchase price of $1.00, and an annual interest rate of 1.0%, a 1.0 month loan will result in a dealer payment of about $1.00 per month. Some dealers may require Credit Life Insurance as part of their package. If this is true, the premiums for this coverage will increase the total finance charges of the Dealer's package.

Applying the dealer cash rebate of $1.00 to the purchase price reduces our loan amount to $0.00. With our annual interest rate of 1.0%, our 1.0 month loan will have a payment of about $0.00 per month.

Should I take the Dealer's Teaser Rate?
NO!!!! Take the Cash Rebate and come see us!. Why? You save approximately $1.00 in total payments over the life of the loan.

Dealer Loan Payment Schedule
Schedule of Payments for a Loan of $1.00 at 1.0% Repaid Over 1.0 Months
Remaining Principal Principal Paid Interest Paid
$1.00 $0.01 $0.99
  _________ _________
  $0.01 $0.99
All dollar amounts are rounded to the nearest cent. Summing the rounded amounts in a given column will not necessarily give you the total shown at the bottom.

Our Loan Payment Schedule
Schedule of Payments for a Loan of $0.00 at 1.0% Repaid Over 1.0 Months
Remaining Principal Principal Paid Interest Paid
$0.00 ($0.99) $0.99
  _________ _________
  ($0.99) $0.99
All dollar amounts are rounded to the nearest cent. Summing the rounded amounts in a given column will not necessarily give you the total shown at the bottom.


This calculator is provided to give you an estimate of the payment and terms of a loan program or product. It is intended as a tool to use for estimating and is not guaranteed to provide the exact results that you may see with a particular product or plan, nor is it guaranteed to provide an accurate rate as required by truth-in-lending regulations. Results obtained with this calculator should be discussed with a qualified professional before any product purchases or loan commitments are made. Any loans made as a result of product inquiries to this institution are subject to credit, property, and/or collateral approval as well as other terms and conditions that may not be mentioned on this page.
 
Personal Banking  |   Business Banking  |   Location & Hours  |   Calculators  |   Contact Us  |   Privacy/Security  |   About First Bank
Email  |  Home